Bank takes possession of amphitheater, marina, land at The Wharf in Orange Beach, Ala.

Bank takes over properties at Ala. coast’s Wharf

BAY MINETTE, Ala. — Regions Bank has taken possession of an amphitheater, marina and 178 largely undeveloped acres at The Wharf development in Orange Beach for $18.16 million in a pair of foreclosure auctions.

The auctions Monday drew a small crown on the Baldwin County Courthouse steps, and no one submitted bids except Regions, which is among lenders involved with the troubled coastal project.

Regions loaned The Wharf’s developers, AIG Baker Shopping Center Properties, more than $49 million five years ago to develop the parts of the 222-acre project bid on Monday.

The Press-Register reported Tuesday that the bank’s bids, made in the name of Oarlock Asset Management One LLC, will reduce AIG Baker’s obligations by $18.16 million.

The marina property, which includes 190 slips on the Intracoastal Waterway, a dock store and a restaurant building, went for $6.4 million. The bank paid $11.92 million for the 10,200-seat concert venue and 167 acres.

AIG Baker also borrowed $84.2 million from JP Morgan Chase Bank, which holds liens on much of The Wharf’s developed commercial property.

BBVA Compass, which loaned AIG Baker $73.1 million in 2005, has listed for sale 90 unsold condominiums at The Wharf’s Levin’s Bend tower, as well as the development’s 27,000-square-foot convention center. The newspaper reported that the convention center, which sits on 2.68 acres, is listed at $3 million and condos are being offered in a $14.5 million package.

“There are no immediate changes in terms of day-to-day operations and any decisions will be made after careful consideration, with the interests of all parties, including the local community, in mind,” said Regions spokeswoman Evelyn Mitchel.

Regions attorney Stephen Monk said the bank has engaged a property management firm to run the marina and the amphitheater, which is scheduled to host a concert by Hank Williams Jr. and Gretchen Wilson on Sept. 25.

“To the greatest extent possible Regions wants to keep managing the property, keep working the property and ultimately they’ll end up selling the property, I guess,” he said.

Shucker’s Oyster Bar, which is part of the property in the Regions bid, remains open.

“We plan to stay open as long as it’s profitable for us,” manager Terri Days said. “But I am concerned about what’s going on around us.”

Information from: Press-Register, www.al.com/mobileregister